Meaning and Definition of Promotion
According to Philip Koyler___” Promotion compasses all the tools in the marketing mix whose major role is persuasive communication”.
According to Stanton___” Promotion includes advertising, personal selling, sales promotion and other selling tools”.
Objectives of Promotion
- To Modify Behaviour: The primary objective of any promoting programme is to modify the thought process and behaviour of individuals and to maintain this modified behaviour among them. The aim here is to motivate the customers to buy the organizational goods and services and hence develop a sound image in their minds.
- To Inform: Promotion is aimed at informing consumers about features, qualities, performance, price, and availability of firm’s products. Market promotion is also a valuable means to inform consumers the changes made in the existing products and introduction of new products. In the same way, market promotion, by various tools of market communication, is used for communicating the special offers, price concession, the utility of products, and incentives offered by the company.
- To Persuade Consumers: It is an effective way to persuade consumers the superiority of product over competitors. A firm can communicate competitive advantages the product offers to distinguish it from competitors’ products. Obviously, market promotion can assist the firm to convince buyers that the firm’s product is the best solution to their unmet needs and wants. Advertising is one of the most effective tools to distinguish the product from competitors’ products.
- To Remind: Reminding customer about the available organizational products and services is also an important objective of promotion programme. Under this objective, organizations refresh the memory of customers so as to make them aware that the particular product or service is still satisfying their demands. In case the product is in maturity phase of product life cycle, this objective is targeted by the organization. The whole idea behind this marketing communication objective is to maintain the position of the product or service in the minds of customers.
- To Change Demand Pattern: The overall objectives of promoting is to change the demand pattern of the organizational product or service. All the promotional objectives like behaviour modification, informative promoting, persuasive promotion, and reminding, are centrally focussed towards changing the demand pattern for a particular product or service.
Importance of Promotion
- Increasing Brand Awareness: Promotions help in creating brand awareness. With the help of various media like the television, billboards, radio or local newspaper news, you can spread across information about your brand and company, which helps people to find out more about you and look into your products and make purchases.
- Increasing Knowledge and Preference: Promotions has the responsibility to further communicate the usefulness of the brand to customers by assuring that the product is required by them. Putting together product awareness and information is a way to attract more customers towards the stores for finding promoted products.
- Increasing Sale and Establishing Brand: Increasing in sales is the final measure of a successful promotional strategy. As the three basic objectives of promotion are to inform, to persuade and to remind, an effective promoting strategy leads to the sales increment of a particular product or product mix.
- Maintaining Public Profile: A sound public profile of the organization and its products are developed through the effective use of promotion. It helps in communicating the capability and importance of the organizational products to target customers.